Differing default/satisfaction dates on reports

Kent_FTB

Hi all,

I am currently going through a mortgage application, but have some conflicting information on my credit reports which I need some advice on.

My Experian report shows a £728 default, stating the default date to be 01/04/2008, account updated 07/11/2010.

On the other hand my Equifax report shows the £728 default, with a blank default date but the "date satisfied" field saying 01/04/2008. Date updated 04/11/2010.

I am 99% certain the Experian report is incorrect as I am sure I paid the default amount in full back in 2008, and not in 2010.

My broker has spoken to the lender and they had seen the Experian report with this (what I believe to be) incorrect information on. There was some confusion as they weren't sure why the account would have been showing as 'updated' if I had paid it off 2.5 years previously.

Can anyone offer me any advice or shed any light?

Thank you

Kent_FTB

Just upping this to see if anyone can help?

I can't find any paperwork now relating to when the default was satisfied, I have contacted the company in question (Capquest, grr..) to get them to confirm when it was satisfied but am worried they will take an age to get back to me now.. and I need this resolved ASAP

My broker has advised me that even though the Equifax report says default satisfied on 1st April 2008, the Woolwich won't accept this as they use Experian when credit checking.. and there's no default satisfaction date on there.

Thanks for any help

Dave_Ham

Whilst I appreciate the need to get to the bottom of this, Woolwich will not let you through with a default satisfied or not.

Unless you were pre-approved via their PAML system.

Default within 6 years wil throw out with Woolwich.

If there is not a default date with Equifax, is the default definitely listed via Equifax?

Kent_FTB

Hi Dave

Thanks for your reply, when my broker first mentioned it (Friday) he said that their policy is that any defaults not satisfied for 3 years is a decline - which is why it matters to them/me when it was in 2008 or 2010..

Not sure if was pre-approved in any way or not..

Dave_Ham

Not true, but your broker is close to the detail as technically Woolwich system cannot always see details of defaults in the 3-6 years especially at a different address.

You would have to bank with Barclays to be pre-approved...

I would personally be looking into the detail on Equifax rather than worrying about dates...

Kent_FTB

As to whether the default is actually registered with Equifax - I believe so, but may be reading it all wrong.

The heading on Equifax for it is "Bank Default from Capquest Investments Limited" but the start balance, default balance, default date columns are empty.

Dave_Ham

Very unusual..

Who defaulted it on Experian; the lender or Capquest?

Kent_FTB

On Experian it says Company: Capquest (Formerly FTC), Current Balance: Satisfied, Default date: 01/04/2008.

Dave_Ham

Definitely unusual, did the lender default previously prior to handing to Capquest...?

There are still likely to be options, although depending upon loan to value, incomes, employment and more recent conduct will depend upon the outcome.

I would personally not be attacking Woolwich with your case, but to be fair only based on the limited information provided...

Kent_FTB

I think (know) my options are limited as I am looking to purchase via the shared ownership scheme. 15% deposit on a £47,250 stake (35% of £135,000 property value). My income is £24,000 p/a, full time employed.

Dave_Ham

For sure limited, just you buying or with OH?